The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-11-24
M. & T. STOCKHOLDERS.
ANNUAL MEETING OF THOSE DIRECT
LY INTERESTED IN THE ROAD.
Reports of Officers Show n Rather
Discouraging State OF Affairs, but
Recommendation Are Made to Rene
dy and Build Up the Road.

The annual meeting of the Mississippi &
Tennessee railroad stockholders was held yes
terday afternoon at the company's office
depot building. The president, Mr. f. ii,
! Hartman, and board of directors, submitted
n their thirty-frst annual report, which gave
4 the following important facts; Gross earn
a ings from all sources, $J02 800 45; expenses
& (less proceeds Of old rails and other material
( sold) $3.50, S65 20; permanent expenditures,
4 5000; interest on funded debt, $685. 400;
deficit for the year, S32, i3l 81 The floating
debt OF s2i0, 1874 0s was increased during the
year SOS, 00i 9s. The report states that 'nego-
tiations have been carried on with view OF
funding the debt of the company at per
cent. and providing sum sufficient to make
the betiermenis so long needed, and we have
the satisfaction to report that there is n rea-
sonabe prospect of such funding being
assented to by the holders OF nearly all of
the bonds of the company" A resolution
was also submitted recommending that au-
thority he given TO the officers Of the
company to make n mortgage 10 secure an
issue of not exceeding S2,5O0,0O0 of bonds
bearing n rate Of interest not exceeding A
per cent. per annum; these TO be devoted to
retiring outstanding mortgage bonds, pay
floating debt and to improve the property.
The physical condition of the railway and
Its equipment is being improved as rapidly
as the condition Of the finances will permit,
but much yet remains 20 be done 20 put II in
such shape as to meet the growing COMPETE
ton and earn fair return upon its cost.
The report recommends the lowering Of
grades, ballasting, the substitution OF new
permanent structures for worn out tenn
porary ones and the purchase Of additional
cars and engines. The operation Of the inter
state commerce law, taken with the increas-
ing demands OF the public for better accom-
modatiOns in the matter Uf ears and station
buildings, as well as In the train service the
diminishing rates and the financial embar-
EASEMENTS Of the company, have prevented
the management from doing much toward
carrying out the policy OF improvement dur
ing the year
General superintendent NJ. Burke also
submitted his annual report IL showed
an increase IN revenue from local pas
scngprs NJ 1881 40 and decrease OF SSil q
In through passengers, net increase OF
$G,5J2 IL. The through passenger bushes,
of the company has obtained n nominal fig
ure, produced by increased competition and
opening up OF now avenues OF travel that
formerly passed over the road. This result
has been experienced for some years past
IL also showed an increase of Sij.S5S II II
freight earnings; $50 27I % OF this is In loca
freight aud So, ISL 10 IN through freight
An increase OF 4,735 bales of cotton for
warled from local stations 10 Memphis, NJ
increase Of l,7lG bales forwarded from loca
stations 10 New Orleans, decrease OF l,05.
bales from local stations on the Illinois Cen
trail railroad received at Memphis and al
increase Of ~ $50 bales forwarded from
Memphis 10 New Orleans showing IN the az
grcgaic an increase Of 36,G3s bales Of cOtiOl
transported was also shown by the report.
A new depot Is now being built at Como
The depot ut Scnatobia has been rebuilt. ant
Coldwatcr depot Is Row being remodelc'
providing additional passenger acconlmo
dations. New dopols should be erected a
soon a. possible at Sardis aud Batcsville, an
better passenger accommodations afforded O
several other points says the report In olo'
ing.
Treasurer s. II. Lamb submitted his repOr
which exhibited the finances OF the cOmIan
In detail, with the same showing prcyiousl
given.
Only two changes we're made In the boar
Of directors. Mr.. stuyvesant Fish and NJ
Walter Luttgcn, both OF New York, WEI
elected In lill vacancies caused by the .rctir
mcnt OF Mcssrs y. VI. White, deceased, an
Lake, retired. Tho session Of the stockholt
en- meeting was brief, tho foregoing rcpor
being 20 full and pointed as 10 occasion b.
little discussion. The recommendations mad
were ccncurred IN. and the Mississippi
Tennessee rad will be- steadily improve
until the equal of any leading into Memph
for speed, safety and comfort